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As per the Economic Survey, 2021, insurance penetration in India stands at a mere 4.2%, reflecting a low level of coverage within the population.

As set out in our previous Ergos of 9 December 2024, 3 February 2025, 5 September 2025, 18 December 2025, 16 January 2026 and 4 February 2026, there has been a significant shift in the foreign investment regime in the insurance sector with the announcement of the foreign direct investment (FDI) cap in the insurance sector being raised to 100% (from the previous threshold of 74%).

In a move to liberalize the insurance sector, the Insurance Laws (Amendment) Act, 2015 ("2015 Act") was notified in March, 2015.

The Ministry of Finance, through an office memorandum dated 26 November 2024, has invited public comments on proposed amendments to the Insurance Act, 1938, Life Insurance Corporation Act, 1956, and Insurance Regulatory and Development Authority Act, 1999.

The IRDAI in the opening half of the 2019-20 financial year has introduced or proposed significant changes to the presently existing insurance regulatory framework, by way of norms providing guidance on policyholder communications, ...

In commercial insurance disputes in India, one practice continues despite attracting repeated judicial criticism. After a major loss, the insurer appoints a surveyor, the claim is assessed at a substantially reduced amount, and the insured, at times, is forced to sign a discharge voucher accepting a reduced amount towards “full and final settlement.”

Shockwaves have been felt in India, following the Tata-Cyrus Mistry fallout, which could result in potentially significant exposures for Indian Insurers and global Reinsurers.

All in all, the pandemic is challenging the sector to quickly devise new products to cater to the protection needs of the insured in various sectors.

Contract risks are shadows, mitigation is the light that illuminates businesses!...

Indian insurance laws have traditionally restricted distribution of insurance products to insurance agents and insurance intermediaries who have obtained the requisite license/registration from the Insurance Regulatory and Development Authority of India (IRDAI).

One of the essential ingredients of the formation of a contract is "free consent" of both the parties. The same has also been provided under Section 14 of the Indian Contract Act, 1872.

This JSA Highways & Logistics Newsletter focuses on key developments undertaken in the Indian roadways and logistics sector for the period between October – December 2022.

Many types of insurance provide monetary protection to individuals and businesses around the world. One critical form that often goes overlooked, however, is fire insurance.

In April 2015, the Gujarat International Finance Tec-City, popularly known as "GIFT City", was established by the Indian government to potentially serve as a global hub for economic...

The (Indian) Insurance Act, 1938 allows the capital of an Indian insurance company to consist of equity shares and such other forms of capital as may be prescribed by regulations.

The IRDAI RS Guidelines provide guidance on the operational issues pertaining to the regulatory sandbox.

The Insurance Regulatory and Development Authority of India ("IRDAI") has introduced a new framework governing the outsourcing activities of Indian Insurance Companies...